Financial Contract’s Structural Shift Evidenced By An Empirical Exploration Of Textual Credit Agreements
This research is an empirical exploration of financial contract structure based on data collected from textual credit agreements. Credit agreement, as one of the most common forms of financial contracts, is the contractual agreement usually signed between a lender (in this case a bank) and a borrower (a corporate entity). The study deals with data exploration concerning the structure of credit agreements signed during 1996 – 2005 between banks and large, non-financial companies. Tables of contents in the agreements are converted into a structured dataset for descriptive discussions focusing on time-series patterns or changes. The analysis leads to an intriguing insight indicating the presence of a structural shift regarding the emphasis on specific subjects within a credit agreement, which lays a foundation for future studies regarding changes in contractual relationship overall and economic implication behind.
contract; credit agreement; data exploration; structural shift
Turvey, Calum G.
Applied Economics and Management
M.S., Applied Economics and Management
Master of Science
dissertation or thesis